#Wiser2016: PSBank Kiddie Savers

I saw my friend May's post about her son's savings account which made me realize that I haven't posted about the #FabSkye's savings account yet which I promised to share with you last year pa ata. Hihihi!

Well, as part of my #Wiser2016 efforts, I made several moves to make sure that I secure my daughter's future. I am still far from being financially-stable (based on my self-imposed requirements) so the #Wiser2016 efforts are just the starting point.

Actually, I opened Skye's savings account last February 2016, few days shy of her 2nd birthday. I was supposed to open her savings account earlier but I opted to prioritize her Sunlife VUL fund and insurance.

Also, I tried to research first before opening an account for my daughter. There are a lot of banks that offer kiddie savers account so here's why I opted for PSBank Kiddie Savers (this is not a sponsored post, just to be clear):

1. Accessibility. There's a PSBank branch near my office and near our house. It'll be easy for me to do my transactions.
2. Easy to open accounts. You just need your child's birth certificate (bring the original) and her ID picture. Also bring your ID because your child's Kiddie Savers account would be tied up on your name.
3. Insurance. Yup! The Kiddie Savers account comes with an insurance. You may check the official PSBank site or go to your nearest branch to know the details of the insurance kasi di ko memorize but I really liked the insurance coverage as explained by the PSBank people.
4. 0 minimum maintaining balance. Of course I try not use the money on the bank but at least I won't have to worry if I need to use up all the money on her bank account. Kasi usually diba they charge you if you go below your minimum maintaining balance?
5. Mobile banking. I could easily monitor the #FabSkye's money coz I had it tied up on my mobile banking account.
6. Nice people. Eto talaga yun eh. When I inquired at PSBank, super dali kausap ng customer service nila. I first inquired on a different bank at ang taray ng lola mo. Naloka ako! Eh di bale nalang. At PSBank, the guy who assisted me is very accommodating and helpful. Very obvious that he's new but he would always confirm every single information he would provide to me to his manager. At hindi sya talaga nabwiset kahit sandamakmak ang tanong ko. I love that!

I made sure to open a savings account for my daughter because of the following reasons:

1. I want make sure that all the money given to her by her Ninangs and our friends and our loved ones would go to her savings account. Before opening her own account, I would deposit it to her Sunlife VUL account. Although a huge part of her Christmas money still goes to her investment account. Part of it she use in buying her toys.
2. I would religiously deposit a certain amount on her savings account coz this is what I use for her semi-annual dental visits and pedia visits. Those things don't come cheap. And if I have to shell out money agad-agad mahirap talaga for me. But if iniipon muna ang money, mas magaan for us. Usually also, that's the reason why parents would delay stuff like dental visits. Kasi wala pang budget. Pero kung naipon na, may madudukot.
3. I also try to deposit a certain amount for her future tuition fees. Usually if I have bonuses or extra money mas malaki ang deposit. I would deposit the money on her savings account kasi mas hindi ko nagagalaw. Tuition fees are no joke. I inquired just recently and nalaglag talaga ako sa upuan. I need to save up.
4. Hopefully, I could be a good mother and teach her the value of saving up. At least she has an account already.

You are probably wondering why I have to open a separate account pa? I find it easier kasi to budget if the money are separated already. I need to open a separate account for the #FabSkye for all the gastos na mahal. I don't want her to suffer in the future just because di ako nakapaglaan ng something for her.

As mentioned, usually if I talk to fellow mothers, they'd tell me that they can't prioritize dental visits kasi mahal. Walang pera. But if you save up early, in smaller amounts, hindi mahirap.

This strategy is effective for our family so far. I feel at ease, that aside from her insurance and investment account, we have her very own emergency fund.

Handling our finances is never easy. Diosmio! I'm still struggling until now. Hindi ko pa kasi nari-reach ang level ng kakuriputan na pangarap ko eh.

I still have a long way to go. I'm still working on it. Next time I'd share with you how I'm trying to handle our finances. Maniwala kayong malayo pa ako sa pangarap ko. I still have a lot of stuff that I need to settle before I could finally call myself financially free but I hope in God's time, we'll get there.

#Wiser2016 Parenting Tip